Fortinet, Inc. $FTNT Shares Sold by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management trimmed its Fortinet position by 4.8% in the fourth quarter, selling 10,294 shares and leaving it with 204,883 shares valued at about $16.3 million.
• Fortinet reported strong quarterly results, with EPS of $0.82 versus $0.62 expected and revenue of $1.85 billion versus $1.73 billion expected, while revenue rose 20.1% year over year. The company also issued guidance for Q2 2026 and FY 2026 that was highlighted in the report.
• Analyst sentiment remains mixed but mostly cautious: the stock has an average Hold rating and a consensus price target of $101.83, even as several analysts maintained or reiterated underweight/equal-weight views after the earnings release.

Resona Asset Management Co. Ltd. decreased its holdings in shares of Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 4.8% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 204,883 shares of the software maker's stock after selling 10,294 shares during the quarter. Resona Asset Management Co. Ltd.'s holdings in Fortinet were worth $16,318,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in shares of Fortinet by 4.0% during the third quarter. Vanguard Group Inc. now owns 75,581,275 shares of the software maker's stock worth $6,354,874,000 after purchasing an additional 2,894,355 shares during the last quarter. State Street Corp boosted its holdings in shares of Fortinet by 1.6% during the third quarter. State Street Corp now owns 29,660,558 shares of the software maker's stock worth $2,493,860,000 after purchasing an additional 477,397 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Fortinet by 17.0% during the third quarter. Invesco Ltd. now owns 10,816,519 shares of the software maker's stock worth $909,453,000 after purchasing an additional 1,568,337 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Fortinet by 30.9% during the third quarter. First Trust Advisors LP now owns 7,575,662 shares of the software maker's stock worth $636,962,000 after purchasing an additional 1,790,033 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Fortinet by 4.7% in the third quarter. Legal & General Group Plc now owns 6,115,450 shares of the software maker's stock valued at $514,187,000 after acquiring an additional 273,428 shares during the last quarter. Institutional investors and hedge funds own 83.71% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Barclays set a $115.00 target price on Fortinet and gave the company an "equal weight" rating in a report on Thursday, May 7th. JPMorgan Chase & Co. lifted their target price on Fortinet from $73.00 to $75.00 and gave the company an "underweight" rating in a report on Thursday, May 7th. Stephens set a $115.00 target price on Fortinet and gave the company an "equal weight" rating in a report on Thursday, May 7th. Weiss Ratings cut Fortinet from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday. Finally, Wells Fargo & Company reiterated an "underweight" rating and issued a $70.00 target price (up from $64.00) on shares of Fortinet in a report on Thursday, May 7th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, twenty-four have issued a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $101.83.

Fortinet Trading Up 1.8%

Shares of FTNT opened at $130.00 on Thursday. Fortinet, Inc. has a 12 month low of $70.12 and a 12 month high of $130.36. The stock's 50-day moving average is $90.16 and its two-hundred day moving average is $84.27. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.15 and a quick ratio of 1.07. The stock has a market cap of $95.24 billion, a PE ratio of 50.19, a P/E/G ratio of 3.51 and a beta of 0.92.

Fortinet (NASDAQ:FTNT - Get Free Report) last posted its earnings results on Wednesday, May 6th. The software maker reported $0.82 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.20. The business had revenue of $1.85 billion during the quarter, compared to analyst estimates of $1.73 billion. Fortinet had a return on equity of 160.08% and a net margin of 27.49%.The company's revenue for the quarter was up 20.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.58 earnings per share. Fortinet has set its Q2 2026 guidance at 0.720-0.760 EPS and its FY 2026 guidance at 3.100-3.160 EPS. Equities analysts forecast that Fortinet, Inc. will post 2.77 earnings per share for the current fiscal year.

Insider Activity

In related news, VP Michael Xie sold 2,478 shares of the firm's stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $88.89, for a total transaction of $220,269.42. Following the sale, the vice president directly owned 9,927,517 shares in the company, valued at approximately $882,456,986.13. This trade represents a 0.02% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 5,355 shares of the firm's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $88.90, for a total value of $476,059.50. Following the sale, the chief executive officer owned 52,978,004 shares in the company, valued at approximately $4,709,744,555.60. The trade was a 0.01% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 17.60% of the company's stock.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Fortinet’s latest earnings call was described as upbeat, with AI-led demand helping lift the company’s guidance and reinforcing the view that security spending remains strong. Fortinet Rides AI-Led Surge to Lift Guidance
• Positive Sentiment: Analysts and market commentary highlighted Fortinet as a strong momentum name, with AI and SASE demand supporting billings, margins, and estimate revisions. Here's Why Fortinet (FTNT) is a Strong Momentum Stock
• Positive Sentiment: Additional coverage argued Fortinet looks like the better cybersecurity buy versus peers, citing accelerating AI-driven security demand and improving fundamentals. Zscaler vs. Fortinet: Which Cybersecurity Stock Is the Better Buy?
• Neutral Sentiment: Fortinet also presented at J.P. Morgan’s Technology, Media and Communications Conference, which kept investor attention on management’s outlook but did not introduce a clearly new catalyst. Fortinet, Inc. (FTNT) Presents at J.P. Morgan 54th Annual Global Technology, Media and Communications Conference Transcript
• Negative Sentiment: DZ Bank downgraded Fortinet from Buy to Hold and set a $125 price target, suggesting some upside may be limited after the recent run-up in the stock. Fortinet downgrade news

Fortinet Profile

Fortinet, Inc NASDAQ: FTNT is a multinational cybersecurity company that develops and delivers integrated security solutions for enterprise, service provider and government customers worldwide. Founded in 2000 and headquartered in Sunnyvale, California, the company was co‑founded by Ken Xie and Michael Xie. Ken Xie serves as chairman and chief executive officer, and the company operates through a global sales, channel and services organization to support customers across the Americas, EMEA and Asia‑Pacific.

Fortinet's product portfolio centers on network security appliances and software, with its FortiGate next‑generation firewalls and the FortiOS operating system forming a core platform.

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